Half of experts say, "Korea's economy is similar to or more difficult than the 2008 financial crisis"

According to a survey result, half of economists perceive the current economic situation in Korea at the level of the 2008 global financial crisis.

As a result of the Korea Employers Federation (KEI) asking 204 professors of economics and business administration at universities across the country for their opinions on the current economic situation and the economic outlook for 2023, 52.7% responded that the current economic situation was similar to that of the 2008 global financial crisis. more difficult'.

27.1% answered that they thought it was similar to the 2008 crisis, 18.7% said it was more difficult than the 2008 global financial crisis, although it was not as close to the IMF financial crisis, and 6.9% said it was similar to or more difficult than the IMF financial crisis. It happened.

As the main cause of the difficult economic situation, 57.4% cited 'global economic and political risks such as the Russia-Ukraine war, the US-China hegemony, and energy prices'.

'Our economy and industrial structure are dependent on external sources' (24.0%), 'policy authorities are not responding promptly to crisis' (11.3%), and 'laws and systems lagging behind global standards' (7.4%) were followed.

As for next year's economic growth rate in Korea, 66.2% predicted that it would exceed 1.5% and less than 2.0%, and 13.2% predicted that it would be below 1.5%.

79.4% of respondents expected the Korean economy to grow below 2.0% next year.

More than 2.0% and less than 2.5% accounted for only 20.6%, and there was no response that it would exceed 2.5%.

As for when the Korean economy will recover, 53.9% chose 2024 and 24.0% after 2025, and the forecast for after 2024 (77.9%) prevailed.

22.1% said they expect a recovery next year.

The highest rate of inflation was expected to peak in the first quarter of next year at 47.1%, followed by 31.9% after the second quarter of next year and 17.2% at the fourth quarter of this year.

65.8% of the respondents said, 'It can be expanded in the short term to respond to the recent financial crunch and crisis, but a balanced budget is usually needed' with respect to the management of the national finances.

20.8% of respondents said that fiscal soundness should be improved through austerity measures, and 13.4% said that fiscal spending should be further expanded.